Siemens Benefits Scheme has completed a £530m buy-in with Legal & General (L&G) Assurance Society, securing benefits for over 2,000 UK retiree members.

The trustees were advised throughout the transaction by Aon and Sackers, whilst L&G received legal advice from Eversheds Sutherland.

The transaction was completed under an umbrella contract, which was chosen by the trustee in order to ensure that potential future transactions can be completed quickly when the timing and market conditions are right.

Siemens head of pensions, John Smith, said the transaction as "another major milestone" for the scheme.

Siemens Benefits Scheme chair of the trustee, Joanna Matthews, added: “I am delighted that we have been able to complete another key step in the trustee’s de-risking journey.

“Through careful planning, we were able to overcome the logistical and investment challenges posed by Covid-19 and complete this transaction at this time on very favourable terms. This is a fantastic outcome and I would like to thank all involved in the process.”

Siemens previously completed a £1.3bn buy-in with Pensions Insurance Corporation (PIC) in 2018, covering around 6,000 pensioners.

This is also the second recent buy-in completed under an umbrella contract by L&G, having announced a £70m deal with ICI Pension Fund earlier this week.

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